The state-owned carrier has lost key customers and millions of euros, while private rivals continue to expand.
The state-owned freight railway operator is cutting costs after a steep decline in business, with hundreds of jobs expected to be lost as the company adapts to a smaller, more competitive market.
Železničná spoločnosť Cargo Slovakia (ZSSK Cargo) plans to reduce its workforce by around 400 employees as part of a recovery programme approved by the company. The exact number of redundancies has not yet been finalised and will depend on negotiations with employee representatives, according to Denník N.
The restructuring is intended to save about €5 million this year. It will affect several areas of the company, including management positions.
The cuts come after a rapid change in Cargo Slovakia’s financial position. In 2021, the company reported a profit of more than €6 million. Last year, it ended with a loss of almost €30 million.
